MOVIES - Oct. 21, 1988

It looks like the troubled Elstree Studios near London will have a partial reprieve from oblivion after all. Britain’s largest film lot will undergo some trimming under the current plans of one of the new joint owners, the Brent Walker Group. The Walker outfit, which also owns the Goldcrest film production concern, has reportedly formed a joint venture with the site’s original purchaser, Tranwood Earl Group, to buy the site for 32.5 million (about $54 million). Walker’s plan will keep seven of Elstree’s 10 sound stages available for housing major productions. The three medium-sized stages will be demolished along with an administrative building, restaurant, bars and cafeteria to make way for new office buildings. The plan also allows for Goldcrest to manage the studios and for 330 houses to be built on the back lot.